I guess I just solved the problem myself:
$ less .xsession-erros
[...]
/home/bzd/.config/compiz/compiz-manager: 1: Cannot fork
[...]
$ rm -rf /home/bzd/.config/compiz
Visual effects -> Normal, compiz starts ok.
$ ps ax | grep compiz
29051 ? S 0:00 /bin/sh /usr/bin/compiz --replace
29097 ? S 0:01 /usr/bin/compiz.real --ignore-desktop-hints
--replace --indirect-rendering --replace ccp
29103 pts/0 S+ 0:00 grep compiz
** Changed in: compiz (Ubuntu)
Status: Incomplete => Invalid
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[hardy, intel 965] compiz launches multiple processess
https://bugs.launchpad.net/bugs/190173
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